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Economic terms 3

QuestionAnswer
51. BOND A FORMAL CONTRACT TO REPAY BORROWED MONEY AND INTEREST AT REGULAR FUTURE INTERVALS
52. DIMINISHING MARGINAL UTILITY THE MORE UNITS OF SOMETHING THAT A PERSON AQUIRES, THE LESS EAGER THAT PERSON IS TO BUY MORE
DEMAND ELASTICITY THE EXTENT TO WHICH A CHANGE IN PRICE AFFECTS DEMAND
54. INELASTICITY PRICE HAS VERY LITTLE AFFECT ON DEMAND
55. LAW OF DEMAND PEOPLE WILL BE WILLING AND ABLE TO BUY MORE OF A PRODUCT AT A LOWER PRICE
56. LAW OF SUPPLY SELLERS WILL BE WIILING TO SUPPLY MORE GOODS FOR SALE WHEN THEIR PRICE GORES UP
57. LAW OF DIMINISHING RETURNS THE POINT WHERE OUTPUT IS STILL RISING, BUT AT A DIMINISHING RATE
58. PRODUCTIVITY USUALLY REFERS TO LABOR, HOW MUCH A PERSON CAN PRODUCE IN A CERTAIN AMOUNT OF TIME
59. FIXED COST COST THAT A BUSINESS INCURS EVEN IF THEY PRODUCE NO PRODUCT
60. VARIBLE COST A COST THAT CHANGES WHEN THE RATE OF OUTPUT CHANGES
61. DEPRECIATION THE GRADUAL WEARING OUT OF CAPITAL GOODS
62. PRICE AMOUNT OF MONEY THAT PEOPLE PAY IN EXCHANGE FOR A UNIT OF GOOD OR SERVICE
63. RATIONING A SYSTEM IN WHICH THE GOVERNMENT DECIDES EVERYONES FAIR SHARE
64. MARKET EQUILIBRIUM QUANTITY OF GOODS DEMANDED EQUALS QUANTITY SUPPLIED
65. SURPLUS SITUATION WHERE QUANTITY SUPPLIED IS GREATER THAN QUANTITY DEMANDED AT A GIVEN PRICE
66. SHORTAGE QUANTITY DEMANDED IS GREATER THAN QUANTITY SUPPLIED AT A GIVEN PRICE
67. EQUILIBRIUM PRICE NEITHER A SHORTAGE NOR A SURPLUS, SUPLLY = DEMAND
68. OLIGOPOLY FEW SELLERS OF THE SAME PRODUCT
69. MONOPOLY ONE SELLER OF A PRODUCT WITH NO CLOSE SUBSTITUTES
70. NATURAL MONOPOLY SITUATION WHERE COSTS ARE MINIMIZED BY HAVING ONE LARGE FIRM PROVIDE THE PRODUCT OR SERVICE
71. ECONOMIES OF SCALE THE LARGER A FIRM GROWS, THE BETTER IT USES IT’S RESOURCES
72. PATENT AN EXCLUSIVE RIGHT TO MAKE A PRODUCT
73. COPYRIGHT GIVES AUTHOR EXCLUSIVE RIGHT TO PUBLISH OR SELL (MUSIC, LITERATURE)
74. PUBLIC GOODS GOODS SUCH AS HIGHWAYS, POLICE ETC THAT EVERYONE USES
75. PRIVATE GOODS GOODS CONSUMED BY AND PAID FOR BY A PARTICULAR PERSON
Created by: cameronmbrown
 

 



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